US SEC Commissioner Seeks Public Comment on Issues Related to Trading Crypto Assets on National Securities Exchanges

BlockBeats News, on December 18, SEC Commissioner Hester Peirce issued a statement on December 17, in conjunction with the Trading and Markets Division's latest release of a set of FAQs, to widely solicit public comments from the market regarding issues related to the trading of crypto assets on National Securities Exchanges (NSE) and Alternative Trading Systems (ATS).

The statement focuses on the trading and clearing arrangements for crypto asset securities and "security-non-security crypto asset" trading pairs. Peirce stated that SEC staff are prepared to cooperate with market participants to promote compliant trading of trading pairs on regulated platforms.

Peirce pointed out that the current market urgently needs clearer market structure rules to protect investors and maintain market order, while avoiding unnecessary regulatory burdens on innovation. She is particularly concerned about whether Regulation ATS (introduced in 1998) and Regulation NMS have become outdated in the context of crypto assets and blockchain technology. The core topics for public comment include:

· How to lower the entry barriers for crypto asset securities and trading pair platforms, and encourage innovation
· Whether the current Reg NMS and Reg ATS impose disproportionate compliance costs on crypto trading
· Whether a dedicated Form ATS should be established for "crypto ATS" or if the existing disclosure system should be adjusted
· Whether information disclosure by crypto ATS should remain non-public, or if an SEC review or public mechanism should be introduced
· In the context of blockchain and on-chain data traceability, whether it is necessary to retain the quarterly Form ATS-R reporting requirement
· Whether there is a need to clarify the compliance method for converting non-USD assets into USD
· How to address requirements for trade information confidentiality, system risk controls (Rule 15c3-5), and system compliance (Reg SCI)
· How to avoid hindering individuals from developing software or using automated or decentralized methods for trading under regulation

Peirce emphasized that these issues will serve as important references for the SEC Crypto Working Group's subsequent policy formulation, and the regulator is also willing to listen to broader suggestions to comprehensively improve the regulatory framework for NSE and ATS. The statement is seen by the market as another signal of a relatively open attitude within the SEC towards structural reforms in the crypto asset trading market.